INVA vs SPY: Correlation
How closely do Innoviva, Inc. (INVA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INVA and SPY?
Over the past 3 years, INVA and SPY moved with a correlation of 0.12, which is weak. The link has loosened recently: the 1-year correlation (-0.12) runs below the 3-year figure (0.12). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 43.6 %².
Within INVA's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. The last year tells two different stories: SPY led by 15.0 percentage points, +5.6% for INVA against +20.6% for SPY. One caveat on sizing: INVA is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
INVA vs SPY: side by side
| INVA (Innoviva, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.6% | +20.6% |
| 5-year return | +36.6% | +82.4% |
| Volatility (ann.) | 25.4% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -23.5% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | INVA | SPY |
|---|---|---|
| 2022 | -23.2% | -18.2% |
| 2023 | +21.1% | +26.2% |
| 2024 | +8.2% | +24.9% |
| 2025 | +15.2% | +17.7% |
| 2026 | +4.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INVA and SPY good diversifiers for each other?
Yes. With a correlation of 0.12, INVA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INVA and SPY?
As of 2026-08-27, the correlation of weekly returns between INVA and SPY is 0.12 over 3 years, -0.12 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for INVA?
Yes. With a correlation of 0.12, INVA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: INVA correlations · SPY correlations
